The government posted a P23-billion budget surplus in January this year, down 48 percent or P21.5 billion from last year’s level, the Bureau of the Treasury said Friday.
The BTR said in a statement the lower surplus was a result of the 28-percent acceleration in government disbursements for the month that outpaced the 14.8-percent rise in revenue collection.
Data showed the January collections of P294.6 billion rose 14.8 percent or P37.9 billion from P256.7 billion in the same period a year ago.
“Of the total, 86 percent or P253.9 billion was sourced from tax collections while the remaining 14 percent or P40.8 billion came from non-tax revenue,” the Treasury said.
The Bureau of Internal Revenue achieved a 5.30-percent year-over-year increase in its January collections, which reached P194.9 billion. Collections by the Bureau of Customs amounting to P55.9 billion notched a double-digit growth of 15.5 percent over similar collections booked in January 2019.
Total income collected by the Bureau of the Treasury rose to P28.4 billion, almost three times last year’s P9.6 billion. The increase was propelled by the P17.3-billion dividend remittance from the Bangko Sentral ng Pilipinas and P1.4-billion increase in Bond Sinking Fund (BSF) investment income.
Revenue from other offices (other non-tax including privatization proceeds and fees and charges) in the first month of the year grew 3.9 percent on year to P12.4 billion.
Government spending for the month rose 28 percent or P59.4 billion to P271.6 billion over comparable disbursements in 2019.
“The acceleration in expenditure for the month was attributed to the timely release of the January 20201 Internal Revenue Allotment along with funds for the newly created Bangsamoro Autonomous Region in Muslim Mindanao, as well as payments for negotiated checks issued in the latter part of 2019,” the Treasury said.